With layoffs at major U.S. brand name companies like Mcdonald's (MCD), Amazon (AMZN), and Google (GOOG), among many others, a burgeoning number of U.S. career professionals plan on getting out while the getting is good.
So says a new job seeker survey from Bankrate, which states 56% of Americans are in the market for a new job in 2023. That figure is up from 51% in 2022, at the height of the so-called “Great Resignation”.
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Bankrate analysts cite a looming recession and high layoff activity as the main drivers of a nationwide job shift.
Yet those aren’t the only reasons. With companies like Twitter and Amazon cutting back on bonuses and perks, Americans are on the hunt for gigs that don’t crimp on either – or on salaries, too.
“Workers are prioritizing their paycheck more than benefits,” the survey noted. “30% of workers say higher pay is the most important quality in their employment moving forward", more than any other work perk.
Benefits Still Matter
30% of workers say some kind of work-life benefit, such as flexible working hours (13%), the ability to work from home (12%), or more time off (5%) is the “most important job quality in their employment moving forward,” Bankrate noted.
The massive job exodus cited in the survey is already starting.
Bankrate found that 21% of U.S. career professionals have already left for a new job in the past year, and 30% of study recipients say they’re headed out the door within a year’s time. Another 37% say they plan on kicking some tires on new employers over the same time period.
The timing in planning a job exit is hardly ideal.
“Job openings have softened as interest rates, set by the Federal Reserve, skyrocketed over the past several months. After a record-high 12 million job openings last year, the Bureau of Labor Statistics reported 10.8 million job openings in January 2023,” Bankrate reported.
Even holdouts are looking for big changes on the job, the survey found.
47% of survey respondents “are likely” to ask for a raise at work. Another 42% are likely to ask for more work flexibility, such as different hours or the ability to work from home or remotely more often.
“One of the lasting impacts on workers and those looking for work is the desire for workplace flexibility,” Bankrate Senior Economic Analyst Mark Hamrick said. “But in this environment of high and sustained inflation, workers are also prioritizing higher pay.”
“While more than half of those in the workforce plan to look for a new job in the next year, many will also be pressing their employers for higher pay,” he added.
